Adam Back, CEO of Blockstream, has downplayed the immediate threat of quantum computing to the Bitcoin network, but emphasized the importance of preparing for the future. As a pioneer in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argued that while the quantum risk is theoretically real, it is not yet a practical concern, in a recent interview with Bloomberg. He noted that current quantum hardware lacks error correction, a point supported by two recent papers that highlight the long-term rather than near-term risk to cryptographic systems. However, Back stressed that the focus should not be on dismissing the threat, but on responding at the right time.
He suggested that preparing Bitcoin and giving users the option to migrate their keys to a quantum-resistant format over the course of a decade is a prudent approach. This timeline is in line with the development of post-quantum cryptography, which is transitioning from theory to implementation, particularly after the standardization of guidelines by NIST in late 2024. Back also highlighted the ongoing research and deployment efforts across the ecosystem, citing a 20-person research team and the use of Blockstream's Liquid network as a testing ground.
The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.